The firm seeks to slim down its operations to prepare for tough new U.S. regulations.
The Wall Street Journal reports that Royal Bank of Scotland is planning to cut hundreds of jobs in its U.S. trading businesses over the next few months as it seeks to slim down its operations to prepare for tough new U.S. regulations, according to people familiar with the matter.
The cuts, which are set to take place over the next 18 months, could result in the loss of up to 400 jobs across the U.S. business, these people said. The bank is scaling back its trading operations at its Stamford, Conn., headquarters as part a wider push to cut costs and refocus on its home U.K. market.
RBS is partly exiting its mortgage-trading business and its distressed-loan-trading business, these people said. As part of that, it plans to cut about two- thirds of the jobs in its asset-backed products business by 2015, these people said.
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